Why would a team forfeit a draft pick?

The Argos have forfeited their first draft pick of the third round (21st overall). What does that mean and why would a team forfeit a draft pick?

They bid a 3rd round pick for their supplemental draft choice last year which was Riall Johnson. It is like borrowing against the future.

Ahhhhh…

Then it’s exactly like my girlfriend. She spends right away the money she won’t have later to do stuff with me.

I’ll tell here she’ll eventually lose a draft pick…

Goes to show how meaningless anything but the first round is…

Who are the best (if any) CFL players who were drafted in the late rounds of their draft year?

Um…er…uhhh…